Fee Disclosure Statement (FDS)

An annual statement that licensees and advisers must provide to retail clients with an ongoing fee arrangement, disclosing the fees paid and services received.

Under Division 3 of Part 7.7A of the Corporations Act, fee recipients must give an FDS to clients who have entered an ongoing fee arrangement. The FDS must set out the fees paid by the client during the previous 12 months, the services the client was entitled to receive, and the services actually received. Since the 2021 Hayne Royal Commission reforms, ongoing fee arrangements must also be renewed annually with the client’s written consent.